The listed New Zealand produce company Seeka announces its interim results without audit for the period ending on June 30, 2024. “Seeka has improved its financial results due to the increase in production of kiwifruits across New Zealand and Australia,” states Seeka CEO Michael Franks.

Net income before taxes is increasing by 230%, reaching $45 million in the period from June 2024. Seeka managing the 44% increase in kiwifruit sales within New Zealand. Earnings before interest, taxes depreciation and amortization were up 88%, to $68 million. the net income after tax rising 63 percent, to $17 million following a one-time $14 million deferred tax expense arising from the modifications to tax laws to allow tax-deductible structures. After two difficult seasons, Kiwifruit production has increased in recent months, with Seeka managing 43 million class-1 trays in the last two seasons for New Zealand growers. Quality of fruit is exceptional and international markets are still thriving. As well as its post-harvest operations, Seeka also grows and sells fruits throughout New Zealand and Australia. For New Zealand, our orcharding operation grew to 17 million trays. This is an increase of 53% over 2023. The same is true for our Australian

Kiwifruit orchards were up 164%..

With the increase of 34% in sales in the amount of $284 million. Seeka changed its structure in 2023, creating an efficient business and has put in place cost saving strategies of the future which included the captive insurance structure. Net debt to the bank of $171 million was down to $6 million in June 2023. The firm continues to concentrate on the management of debt. an amount of $53 million being received by July 2024.

Seeka can handle over 50 million kiwifruit trays with the facilities located situated in Northland as well as The Coromandel, Bay of Plenty and Gisborne regions. Post-harvest technology that is automated has delivered improvements in efficiency and ability to pack effectively the harvest. Seeka is co-investing with New Zealand to increase fruit production. In Australia We have invested directly in the development of new orchards that grow the kiwifruit, nashi and Jujube. Seeka is a more efficient firm and is working on the preparations for the harvest of 2025. Kiwifruit vines love the cold winter weather we’re experiencing, and early signs suggest a positive spring buds break.

“New New Zealand’s industry of kiwifruit has an exciting future, and the growers continue to make investments in the latest SunGold and RubyRed orchards. Our investment in automation for post-harvest will ensure that Seeka is prepared to take on the next phase in production. We are working to provide the world with top quality New Zealand kiwifruit,” Franks says. Franks.

Completely updated operating guidance

The outlook for the full year of Seeka is improved, and the projected for NPBT has risen from 2024’s forecast of $15 million to $19m. This is an estimated NPBT of between $17m and $21m in FY24.

For further information:

Michael Franks

Seeka Limited

Tel. : +64 21356516